The collections agency we use currently says that without an application they can't do anything.

Either define a set period of time that you will serve as a manager for no cost and then collect xx% of revenue as a management fee before splitting profits.

Unfortunately, even without a lien, HUD can still collect as you signed a promissory note.

Have you ever had a pet cause more damage than the fees you've collected?

. $550  / mth * 8 unit = $4,400 * 12 mths = $ 52,800 GRI  ****not $53,800****The formula for CAP = NOI/PriceNOI = [GRI - V&C loss + OI] - EXP  *****You did not subtract for expenses to arrive at NOI nor include a vacancy and collection factor****Assuming expenses are 50% and 100% occupancy (which 100% occ is not realistic all the time).

Would 1st lien position and rights to collect the property if I default be considered skin in the game? 

Even smaller chance you recoup expenses via collections.

Highly recommend you have stripe with rental agreement where you collect identification, selfie, credit card info, and e-signature.

We (collectively, I speak for all of the mods here) would rather keep the active and engaged threads clean if given a choice.3.

I collect true financials from every seller or agent I work with that is willing to share them & all of the websites tend to dramatically underestimate in these areas..